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<br />Page 4 <br />City of Casselberry, Florida <br />Investment Policy <br /> <br />H. Commercial Paper rated, at the time of purchase, "Prime-I" by Moody's and "A- <br />1" by Standard & Poor's (prime commercial paper). <br /> <br />I. State and/or local government taxable and tax-exempt debt, General Obligation <br />and/or Revenue Bonds rate at least "Aa" by Moody's and "AA" by Standard & <br />Poor's for long-term debt, or rated at least MIG-2 by Moody's and SP-2 by <br />Standard & Poor's for short-term debt. <br /> <br />J. Fixed income mutual funds comprised of only those investment instruments as <br />authorized in Sections B, C, D and I. <br /> <br />K. The Florida Counties Investment Trust <br /> <br />VII. Investment Maturitv <br /> <br />To the extent possible, an attempt will be made to match investment maturities with <br />known cash needs and anticipated cash flow requirements. Investments of current <br />operating funds shall have maturities of no longer than eighteen (18) months. <br />Investments of bond reserves, construction funds, and other non-operating funds shall <br />have a term appropriate to the need for funds and in accordance with debt covenants, but <br />in no event shall exceed ten (10) years. <br /> <br />VIII. Risk and Diversification <br /> <br />Assets held shall be diversified to control the risk of loss resulting from over- <br />concentration of assets in a specific maturity, issuer, instruments, dealer, or bank through <br />which these instruments are bought and sold. Diversification strategies within the <br />established guidelines shall be reviewed and revised periodically as necessary by the <br />appropriate management staff. <br /> <br />IX. Authorized Investment Institutions and Dealers <br /> <br />The Finance Director shall only purchase securities from fmancial institutions which are <br />qualified as public depositories by the Treasurer of the State of Florida or from securities <br />dealers that are members of the New York Stock Exchange having a physical presence <br />in Florida and having a minimum regulatory capital in excess of fifty million dollars <br />($50,000,000) or primary securities dealers as designated by the Federal Reserve Bank <br />of New York. <br /> <br />Repurchase agreements shall only be entered into with primary securities dealers and <br />financial institutions which are state qualified public depositories. <br />